Fleet News

National Home Loans joins leasing market

MORTGAGE specialist National Home Loans is to diversify into vehicle leasing with the acquisition of Coventry-based RCR Contract Hire and Leasing. Publicly quoted NHL paid £7.5 million for RCR which operates a fleet of almost 1,800 vehicles mainly within the small to medium-sized business sector.

NHL specialises in the first time buyer mortgage market and last year expressed its intentions for expansion and diversification after reporting pre-tax profits of £15.1 million.

Established in 1984, RCR funds its vehicles through United Dominions Trust and Lombard and has net assets approaching £1 million. Last year, it made profits of £1.5 million on a turnover of £7.7 million. RCR's present management and staff under managing director Gordon Atkinson will remain with the business which will continue to operate from its existing premises.

NHL plans to expand RCR's activities via its 2,300-strong network of finance outlets - giving RCR access to a wide range of small and medium-sized businesses. Longer term, NHL is seeking to move into the consumer end of the contract hire sector with the introduction of personal leasing schemes.

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